CAJ | 학술논문

所有权对上市公司环境信息披露质量的影响已成为公司治理研究关注的焦点问题之一。从2001～2012年，我国连续颁布了与企业环境信息披露相关的一系列制度与法规，对公司的环境信息披露做了较为具体的规范。但是，公司所有权结构是否影响环境信息披露质量，在相同的法规背景下，其主要差异在哪里？如何针对不同的公司所有权提高公司的环境信息披露质量？本文采用案例分析法，选取了A股上市公司中四种不同所有权下的4家重污染企业作为案例样本，应用模糊分析法研究得出如下结论：国有控股下的上市公司环境信息披露状况最好，外资控股和集体控股的上市公司环境信息披露状况紧随其次，私有企业环境信息披露状况最不理想。在对研究结果分析的基础上，提出了充分发挥国有企业在环境信息披露中的引导作用，加强对私有企业环境信息披露进行指导监督；提高利益相关者的环保意识，增强各利益相关者对企业环境信息需求的愿望等政策建议。
소유권대상시공사배경신식피로질량적영향이성위공사치리연구관주적초점문제지일。종2001～2012년，아국련속반포료여기업배경신식피로상관적일계렬제도여법규，대공사적배경신식피로주료교위구체적규범。단시，공사소유권결구시부영향배경신식피로질량，재상동적법규배경하，기주요차이재나리？여하침대불동적공사소유권제고공사적배경신식피로질량？본문채용안례분석법，선취료A고상시공사중사충불동소유권하적4가중오염기업작위안례양본，응용모호분석법연구득출여하결론：국유공고하적상시공사배경신식피로상황최호，외자공고화집체공고적상시공사배경신식피로상황긴수기차，사유기업배경신식피로상황최불이상。재대연구결과분석적기출상，제출료충분발휘국유기업재배경신식피로중적인도작용，가강대사유기업배경신식피로진행지도감독；제고이익상관자적배보의식，증강각이익상관자대기업배경신식수구적원망등정책건의。
The ownership structures of the listed companies influence the quality of the environmental informa- tion disclosed by the companies, which has become one of the focal issues in corporate governance research. From 2001 to 2012, China promulgated a continuous series of laws and regulations related to corporate environmental in- formation disclosure, and made more specific norms of the company＇s environmental information disclosure. The government has done everything to ensure that the environmental information disclosed by the listed companies are comprehensive, complete and real, so that the public can obtain more real information, and have more confidence for environmental information disclosed by the listed companies. But, there are still many issues plaguing us. Does corporate ownership structure really affect the quality of en- vironmental information？ Under the same regulatory context, where are the main differences？ How to improve the company＇s environmental information quality for different ownership structure？ All these questions need to be an- swered. To answer these questions, we prefer case studies, because case studies have the advantage in building theo- ries, and only the case study method is suitable for answered the question of how and why. First, we select four heavily polluting enterprises in the A-share listed companies under different ownership structure. We prefer the fol- lowing companies in terms of their total assets＇ size. Company scale is positively related to the level of environmental information disclosure, larger companies are more inclined to disclose environmental information. For the state- owned company, we prefer Petro China Company Limited;For the foreign holding company, we consider ShangDong ChenMing Paper Holdings Limited is appropriate;ShanDong NanShan Aluminium Company Limited is the represent- ative of the collective holding listed companies, Youngor Group Company Limited is on behalf of the private compa- ny. Then we use fuzzy analysis method for evaluation and analysis. To get the more precise answer, we use a ques- tionnaire, experts from Tsinghua University, Sichuan University, Zhongshan University, Xiamen University and In- ner Mongolia University gave us great support and advices. We think the data and evidence we get are adequate and appropriate, and we can analyze the data. We find that Petro China Company Limited disclosed the best environmental information, for all the experts gave the highest scores;Environmental information disclosed by ChenMing Paper Holdings Limited and NanShan A- luminium Company have no substantial difference;While Youngor Group Company Limited did the worst, there is a big shortage in both quantity and quality. Then, we get the conclusions ： Listed companies which are state-owned disclose the best environmental informa- tion; The foreign holding and collective holding listed companies follow the state-owned companies, while private companies＇ environmental disclosure situation are most unsatisfactory. The conclusions are consistent with our expec- tations. Last, on the basis of the analysis, we put forward our own proposals ： First, give full play to the exemplary role of the state-owned enterprises in the environmental information disclosure;Second, strengthen the guidance and su- pervision of the private corporate environmental disclosure;Third, raise the environmental awareness of the stake- holders, and enhance the stakeholders＇ aspirations of the corporate environmental information needs. We think these suggestions are helpful.